Equity Analysis /
Pakistan

Pakistan Cements: Maintain positive outlook despite the surge in coal prices

  • Rising coal prices will trim IMS cement universe earnings by c.9%/7% in FY22/FY23 as compared to our previous estimates

  • Higher local demand and retention prices will ease the negative impact of international coal prices to some extent

  • Elevated PSDP to PKR900bn and extension in construction amnesty in upcoming budget will increase the demand for cement

Intermarket Securities
9 June 2021